Annual Compliance for Private Limited Company

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ANNUAL COMPLIANCE FOR PRIVATE LIMITED COMPANY

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In order to maintain the reputation of your Private Limited Company, following are the mandatory Statutory Annual Compliance for Companies which must be filed so as to avoid heavy penalties.

Compliances of Private Limited Registration

Start the Annual Compliance at just Rs. 12000/- (per FY)

A legal entity registered as a Private Limited Company must comply with the provisions of the Companies Act, 2013. This includes aspects such as the appointment, remuneration, and retirement of directors, as well as conducting annual board and shareholder meetings—all governed by the Ministry of Corporate Affairs (MCA) through the Registrar of Companies (RoC). Regardless of the company’s annual turnover, filing RoC compliance and annual returns is mandatory for all registered Private Limited Companies.

Entities such as Private Limited Companies, One Person Companies, Limited Companies, and Section 8 Companies must file annual returns and Income Tax Returns every year. Since the compliance process can be complex, directors and company representatives are advised to seek professional help to avoid delays or penalties. Timely filing ensures smooth operations and avoids legal repercussions. Let’s now explore the essential compliance checklist for a Private Limited Company.

Compliance Calendar For Private Limited

Annual Compliance for Pvt Ltd Company

Here is important compliance list for pvt ltd company:

Mandatory Compliance Table

Mandatory Compliance Forms	Details
Commencement of business (Within 180 days)	For a registered Private Limited Company, a commencement form known as INC-20A needs to be filed within 180 days of the incorporation date. INC-20A form serves as a proof that the business operation have started and the shareholders have claimed their shareholding from the company. Failing to file the commencement form can attract penalty of upto INR 5200.
Auditor Appointment (Within 30 days)	For all registered Private Limited Companies, within the 30 days post incorporation, a Statutory auditor must be appointed to look after the financial sheets of the company. Before the appointment of an Auditor, a company is not eligible to commence business operations. Failing to file this compliance can lead a penalty of Rs. 300 per month.
Income Tax Return	Company’s Income tax returns need to be filed on or before 30th September for the previous Financial year.
Form AOC-4 (MCA)	Filing Form AOC-4 on MCA Portal is mandatory for a registered private limited company providing all the details of the balance sheet of the company and the details of board meetings. The AOC-4 form must be filed on or before November 30th each year. Failing to file the AOC-4 form can attract a penalty of INR 200 per day.
Form MGT-7 (MCA)	The registered private limited companies are required to file Form MGT-7 on MCA portal providing the details of the shareholders mentioning any changes in the shareholdings (if any). The form must be filed on or before December 31st each year. Failing to file the MGT-7 form can attract a penalty of INR 200 per day.

The filing of above mentioned compliance list for Pvt Ltd Company might prove a hectic job for the directors to comply with, hence to avoid the penalties or delay in fulfilment of these compliances, it is advised to hire a Legal Consultancy Firm like LakshyaTaxConsultancy to take care of the Annual Compliances of your Private Limited Company so that you can focus on the overall operations and growth of your company.

CHECKLIST FOR PRIVATE LIMITED COMPANY

Statutory Compliance of Private Limited Company

Here are the detailed post incorporation compliances of private limited company under Companies Act 2013 that must be filed each year:

Auditor Appointment

A Statutory Audit is mandatory for a Private Limited Company to ensure that the company is presenting fair and honest financial statements, including balance sheets and financial transactions. To conduct the statutory audit, the appointment of an auditor is essential for every Private Limited Company. As per the Companies Act, 2013, the auditor must be appointed within 30 days of incorporation and will serve for a term of 5 years. Ask ChatGPT

Annual General Meeting (AGM)

An Annual General meeting refers to a meeting between a company’s shareholders which is help once a year inorder to discuss essential managerial discussions such as financial statement approval, auditor appointment, salary & remuneration of directors, dividend declaration, etc. An AGM must be held 6 months prior to the closing of that financial year.
Points to remember:
– AGM must not be held on Public Holidays.
– An AGM must be held at the registered office of the company during the business hours only.
– It should be held six months before the closing of that financial year.

Annual ROC Filing

The complete details of Annual Accounts and returns of the shareholders and directors must be submitted to the Registrar of Companies (RoC) once every year. This is a mandatory compliance process for every registered Private Limited Company and includes two key filings:
a) Annual Returns: The company must file its annual return for the financial year (from 1st April to 31st March) within 60 days from the date of the last Annual General Meeting (AGM). This return includes details about the company's structure, shareholding, and compliance status.
b) Financial Statements: Within 30 days of holding the AGM, the company must file its balance sheet and profit & loss account (financial statements) to give a clear picture of its financial performance.

Board Meetings

Board Meeting refers to a meeting between the board of directors of a Private Limited Company to discuss about the operational structure of the company and its future growth. Four Board Meetings within a Financial Year are required and a detailed crux of important points must be drafted as a file and should be kept at the registered office of that company. This information is provided to the RoC department at the time of annual compliance filing of a private limited company.

Points to Remember:
– Annual General Meeting is between the shareholders of a company to discuss its financial growth whereas a Board Meeting is held between the board of directors to discuss the operational growth of that company.
– Annual General Meeting must be held once a year whereas four Board meetings are required within a financial year (2 Board Meetings in case of a small Private Limited Company).
– The First Board Meeting must be held within 30 days from the date of incorporation of a private limited company.
– The interval between two board meetings should not exceed 120 days.
– 7 days’ notice must be given to the directors prior to the scheduling of a Board Meeting.
– A total of 1/3rd or a minimum of 2 directors must be present in a Board Meeting.

Event-Based Compliances

In the event of any change in the below mentioned points, respective compliances must be filed (if required).
a) If a Private Limited Company is providing loans to other companies.
b) If a Private Limited Company is providing loans to its directors.
c) If there is any change in the Paid-Up Capital of the company.
d) In case of Opening or closing up of company’s bank account/s.
e) In case of any change (i.e., appointment or resignation) of auditor of the company.

Reports of Directors

As per the provisions under Section 134 of the Companies’ Act, 2013, each and every director of a Private Limited Company are obliged to submit a report mentioning the details of his/her directorship in all the companies that are currently active. The Report of Directors must be written down in a special format only.

Income Tax

Every year, Income Tax Compliance must be submitted to the respective department. This includes, calculation of tax & advance payments, income tax return filing and filing of tax audits.

Why Lakshya Tax Consultancy

Lakshya TaxConsultancy as your compliance experts !!

LakshyaTaxConsultancy is a team of Highly Professional CAs, CSs, Advocates and Industry Experts whose aim is to provide a quick and hassle-free Company Incorporation process and its compliances. With LakshyaTaxConsultancy as the Annual Compliance Experts for your Private Limited Company, you just need to focus on the growth of your start-up business. Rest all legal requirements of a private limited company is taken care off by us. We ensure the smooth maintenance of your company’s records and make sure you comply with all these formalities on a timely basis so as to avoid heavy penalties (in case of non-compliance). – On-time & complete filing of compliance for new Private Limited Company.
– Proper Book-Keeping.
– Expert Guidance in any Legal Matter.
– Appointment of a Chartered Accountant to manage your company.

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